Apollo cheers high-rates windfall in Q3 earnings
) Inc on Wednesday reported a 23% year-on-year jump in third-quarter adjusted net income, as high interest rates boosted its large credit business.
Many analysts were expecting Apollo to have cashed out on more of its assets. Principal investing income, which relies on asset sales, fell 92% to $4 million.Fee-related earnings rose 29% to a quarterly record of $472 million. Spread-related earnings, encompassing Apollo's income from investing the capital of annuities provider Athene, jumped nearly 36% to reach a quarterly record of $873 million.
Apollo reported a net income of $660 million under generally accepted accounting principles , compared with a net loss of $563 million a year earlier, owing to a sharp decline in future policy expenses at Athene. Apollo also said it would switch most compensation of its senior leaders from cash to stock, to more closely align them with shareholders.
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